By Richmond Mercurio (The Philippine Star) | Updated March 19, 2015 - 12:00am
MANILA, Philippines - Vista Land & Lifescapes Inc., the country’s largest homebuilder, booked record earnings in 2014 behind robust revenues from real estate sales.
The real estate firm of the Villar family said its net income rose 13 percent to its highest level at P5.71 billion last year from P5.06 billion in 2013.
“We are very pleased to report that 2014 is another banner year for the company. Our strategy is paying off and given the strength of the property market, particularly in the housing sector, we will continue to focus on bringing our housing brands to families around the country,” Vista Land president and chief executive officer Manuel Paolo A. Villar said.
The company behind brands such as Brittany, Crown Asia, Camella Homes, Communities Philippines and Vista Residences said it was also able to post record real estate revenues of P22.2 billion in 2014 from P20.03 billion the previous year.
Villar said more than 50 percent of the company’s revenues last year came from Luzon, particularly within the Mega Manila area.
He said Vista Land was able to take advantage of the “rising middle class” in the Philippines last year which contributed to its growth.
“We are already seeing affordability increasing not just in Metro Manila but also in the provincial areas. Thus, we continue to add to our existing footprint of 34 provinces, 76 cities and municipalities around the country,” Villar said.
Total consolidated assets of the company as of year end 2014 totaled P106.8 billion compared to the 2013 year end level of P84.5 billion.
Vista Land earmarked P21 billion for capital expenditures last year as it launched 44 projects.
This year, Villar said the firm is expected to increase significantly its capex this year as it gears up for more project launches in existing areas as well as new locations.
“We are also ramping up our commercial developments within or near our existing residential developments to build up our recurring revenue base while enhancing the value of our residential projects,” Villar said.
For this year Vista Land chairman Manuel B. Villar Jr. said the company expects a continued strong performance.
“The market demand for housing, particularly in the lower end of the market, continues to be robust and we don’t see any risk of a slowdown in that segment,” he said.
With a strategically located landbank of 2,111.8 hectares nationwide, Vista Land said it is well-positioned to take advantage of continued growth in the housing sector in the coming years.